GMUcovidta OP t1_jck2ky2 wrote on March 17, 2023 at 12:21 PM

Reply to comment by bkemp1984Part2 in First leg of Eagle's Foushee Mews is complete - Richmond BizSense by GMUcovidta

People who can afford (edit: to buy) new construction do not want to live in apartments or 800 sq ft condos.

bkemp1984Part2 t1_jckah6w wrote on March 17, 2023 at 1:30 PM

I feel like all the new apartment buildings get tenants pretty quickly, even in further flung places than Monroe Ward and at ridic prices. For condos, sure, 800 would be small. If they're building up though, like a lot of the new Monroe buildings, that limitation wouldn't exist.

GMUcovidta OP t1_jckfh5u wrote on March 17, 2023 at 2:08 PM

New apartments construction is done exponentially more cheaply than townhouses/condos, and is not intended to last. Edited my comment because I'm talking about people who are buying housing, not renting it.

bkemp1984Part2 t1_jckgm9o wrote on March 17, 2023 at 2:16 PM

You right, you right, I was just addressing the thing about their cost. I see your edit, I was thinking I might have been missing something in what you said.

I think with a new multi-story condo building you could get a lot of interest. Maybe people with 900k to spend wouldn't want it, but I bet a building with 300 to 500k ones could do well. Seeing what people have paid for condos around Monroe and Jackson Wards is shocking. Not sure if the builder could make money like that, but oh well, apartments it is then. The 15 people who had almost a mil can live elsewhere.

Sort of off topic, but who is buying these shitty apartment buildings? Is the rental income so good that it's worth buying something that is practically falling apart from day 1? Seeing the repairs needed to the building next door (5 or 6 years old) and the one across the street (barely 2 years old) is so sad.

GMUcovidta OP t1_jcki967 wrote on March 17, 2023 at 2:27 PM

The new multi story condos in SA from StyleHomes are selling really fast and they start in the low 400's, and that makes sense to me. The Stanley Martin Homes behind Whole Foodshave been selling slower, but still selling. It's a great starter home for high earners or middle class people with two incomes who can't afford the sq footage they want in nicer neighborhoods.

I'd love to know who buys the shitty construction 10+ years later too though. The one in the Museum District that's had black mold since the 90s seems to change hands a lot but anytime I google it it just looks like a ton of shell companies. I haven't spend enough time backing into it but would be curious if anyone else knows. Just seems like a giant waste. I wish the government would offer more FHO incentives to the better condos the way they do to SFH to help lower income people get into better, more permanent housing.